Texas Finance Code
§ 347.152 — ALTERNATE METHOD OF AMENDMENT OF CREDIT TRANSACTION
FI § 347.152Title 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS · Part B. LOANS AND FINANCED TRANSACTIONS · Ch. 347. MANUFACTURED HOME CREDIT TRANSACTIONS · Art. D. AMENDMENT OR PREPAYMENT OF CREDIT TRANSACTION
Statute text
View on source(a)As an alternative to Section 347.151 the creditor, on the consumer's request, may agree to amend an original credit transaction by renewing, restating, or rescheduling the unpaid part of the total of payments.
(b)The charge for the amended credit transaction is computed on the unpaid balance of the transaction for the term of the transaction at the rate applicable to the transaction.
(c)For the purpose of Subsection (b), the unpaid balance of an amended credit transaction is computed by:
(1)adding:
(A)the unpaid balance of the transaction preceding the amendment;
(B)the cost of insurance incidental to the amendment;
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.